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Exlpore more Fact quotes
"The fact that an opinion has been widely held is no evidence whatever that it is not utterly absurd."
"The animal is ignorant of the fact that he knows. The man is aware of the fact that he is ignorant."
"He reproduced himself with so much humble objectivity, with the unquestioning, matter of fact interest of a dog who sees himself in a mirror and thinks: there's another dog."
"I never knew a more presumptuous person than myself. The fact that I say that shows that what I say is true."
Fact,
"Almost any biographer, if he respects facts, can give us much more than another fact to add to our collection. He can give us the creative fact; the fertile fact; the fact that suggests and engenders."
"Space is almost infinite. As a matter of fact, we think it is infinite."
"Whoever wishes to keep a secret must hide the fact that he possesses one."
"Theory helps us to bear our ignorance of facts."
Explore more quotes by John Hull
"We concluded that you cannot rely on delta hedging alone. It sounds simplistic to say that now, but back then, this was the sort of thing people were only just beginning to realize."
"The problem with interest rates are that you are not modeling a single number, you are modeling a whole term structure, so it is a sort of different type of problem."
"Alan White and I spent the next two or three years working together on this. We developed what is known a stochastic volatility model. This is a model where the volatility as well as the underlying asset price moves around in an unpredictable way."
"Our tree is actually a tree of the short-term interest rate. The average direction in which the short-term interest rate moves depends on the level of the rate. When the rate is very high, that direction is downward; when the rate is very low, it is upward."
"One important measurement issue concerns the fat tails problem that I mentioned earlier. VAR is concerned with extreme outcomes. If the tails of the probability distributions we are using are too thin, our VAR measures are likely to be too low."
"The real challenge was to model all the interest rates simultaneously, so you could value something that depended not only on the three-month interest rate, but on other interest rates as well."
"Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned."
"Our starting point then was trying to find a way to incorporate mean reversion into the HoLee model."
"We started giving presentations at practitioner conferences in 1986, and since then all of our derivatives research has been stimulated by contact with practitioners."
"Yes, our tree has an interesting shape. The center branches reflect the shape of the zero curve. When extreme parts of the tree are reached the branching pattern changes to accommodate the mean reversion."
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